City house prices are rising faster in Northern Ireland than in any other region, new research has found.
According to a study of 66 cities across the UK, the four that have experienced the highest house-price growth over the past five years are all in Northern Ireland.
Armagh has seen the biggest rise in property prices over the period, with the average cost of a home there having climbed by 188 per cent, says mortgage lender Halifax. A typical home in the Northern Irish city cost £69,379 in September 2002, but would now cost homebuyers £199,974.
Fellow Northern Ireland cities Newry, Lisburn and Londonderry have seen the next highest levels of house-price growth, while has recorded the highest rate of house-price inflation on the UK mainland Bradford over the past five years.
Property prices in the Yorkshire city have climbed by 131 per cent over the period, rising from £59,276 in 2002 to £136,755 today.
The Scottish cities of Dundee and Aberdeen, Welsh cities of Swansea and St David's and northern city Carlisle complete the list of the top ten performing locations in terms of house price growth.
Meanwhile the report reveals that the City of Westminster is the most expensive, with the average price of a property in the London district now standing at £601,821. Outside London Winchester is the most expensive city, with the average house price there £379,643.
Prospective homebuyers with less money to spare should head to Hull or Stoke-on-Trent, the cities with the least expensive homes in the UK and where average house prices are £128,863 and £134,978 respectively.
The research also reveals that smaller cities have recorded bigger house-price rises than their larger rivals, while the cost of property in the UK's cities has exceed that within their wider regions by an average of £11,000.
Explaining the possible reasons for the trend Halifax chief economist Martin Ellis said: "The attraction of shopping and leisure facilities, as well as a short commute for workers means that there will always be demand to live in cities.
"Many cities have also benefited from urban regeneration programmes that have seen the wide scale re-development of old industrial areas and canal side warehouses into residential properties," he added.
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